Spot Silver rose to a fresh 1-month high of $33.70 per troy ounce on Thursday, as investor concerns over US fiscal outlook mounted, pressuring the US Dollar and driving demand for safe-haven metals.
The US Dollar Index was hovering above a 2-week trough, being last down 0.10% to 99.605.
A weaker dollar makes dollar-priced Silver more appealing to international investors holding other currencies.
Yesterday the US House of Representatives Rules Committee voted to advance President Trump’s sweeping tax-cut and spending bill, while a vote on the House floor is expected today.
At the same time, demand for a $16 billion sale of 20-year US Treasuries was tepid, as investors remained cautious after Moody’s lowered US’ top sovereign credit rating to Aa1. This indicated low appetite for US assets.
Meanwhile, industrial demand for Silver remained strong, especially from the solar energy sector. China’s wind and solar capacity rose to almost 1,500 GW in the first quarter of this year, the latest data showed.
Spot Silver was last down 0.27% on the day to trade at $33.30 per troy ounce.
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